Morgans initiates coverage on the BikeExchange with a Speculative Buy and a target price of $0.34.
The company operates an online marketplace connecting consumers with specialty retailers. This platform enables the retailers to provide a wide omni-channel experience for customers.
A change in business model to combine a traditional classifieds business with e-commerce enablement opens up a much larger total addressable market (TAM), according to Morgans.
The broker believes the company has been building toward a global platform for several years and is now poised for growth.
Target price is $0.34.
